US: Consultation on interest rate restrictions launches
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The Federal Deposit Insurance Corporation (FDIC) has issued a Notice of Proposed Rulemaking seeking comment on proposed revisions to its regulations on interest rate restrictions applicable to insured depository institutions that are less than well capitalized. These are institutions with total assets under $1 billion.
The proposed rule would modify the current local rate cap calculation and process by allowing institutions with total assets under $1 billion to offer up to 90 percent of the highest rate paid on a particular deposit product in the institution’s local market area.
Comments will be accepted until November 4, 2019.